A listed law firm which has been on the acquisition trail in recent years has posted strong half year results.
Knights, which has bought out a number of other firms around the 海角视频, said revenues for the six months to October 31 were up a third at £32 million.
That included 13 per cent organic growth.
Underlying pre-tax profits were up 20 per cent to £5.3 million for the period.
The company has a record of acquiring regional law firms in what it calls “attractive locations”, and now has nine offices.
They are in Birmingham, Chester, Derby, Newcastle-under-Lyme, Manchester, Oxford and Wilmslow, as well as in Cheltenham and Leicester.
In 2018 it bought Leicester’s largest independent law firm Spearing Waite for around £8.5 million.
Since then it has increased its presence in Manchester, Leicester and Oxfordshire with the growth from 248 fee earners at the time of the acquisitions of Turner Parkinson, Cummins, Spearing Waite and Brook Street, to 290 fee earners at the end of the first half.
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The business has also recruited 18 fee earners for a new office in York which will officially open this month.
Knights chief executive David Beech said: “The group has delivered another period of strong, profitable growth including double digit organic growth.
“This performance, combined with our investments in the hiring of fee earners and operational support colleagues, premises and systems, positions Knights well to continue to build the leading legal and professional services business outside London.
“The clear momentum we have in recruiting strong talent, the successful development of prior period acquisitions and the acquisition of two high calibre businesses in the second half of the year, underpins our confidence that the group will meet the board’s expectations for the full year.”
In the six months period it:
– Successfully recruited a net 43 fee earners, compared to 46 fee earners in the full year to April 30, 2019
– Recorded average fees per fee earner of £126,000, despite a lag effect due to the higher level of new joiners who take some time to achieve the normal run rate on fee generation
– Recruited 15 operational staff and expanded operational management to support ongoing growth
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– Embraced technology to improve efficiency and provide a scalable operational backbone
– Relocated to larger offices in Manchester